Accidents happen sometimes without our knowledge. While you are here, visit buy all protection rider insurance policy malaysia for more information. Most of us might be prepared with insurance covers. However, it is not enough to protect ourselves. We need something that is more promising and secure. This is where a rider in insurance plays a role.
Technically, a rider is like an add-on to the basic policy. It is an optional add-on which would increase the benefits to your basic policy. A rider can be added to policies that usually cover landlords and life. You would be charged for an additional cost if you decide to purchase a rider. But not to worry, it would not cost too much since they usually involve a small amount of underwriting.
Types of Rider
Before deciding to proceed to purchase any rider, you need to know what are the types of rider that is suitable for your basic policy. Currently, these are the most popular types of rider and the field of area that they cover.
Accelerated death benefit rider
The accelerated death benefit rider is an optional feature that allows the policyholder or the nominee to obtain better benefits. It provides additional coverage in the case of the policyholder’s death owing to any specified and pre-defined ailment, in addition to the standard plan benefits.
Guaranteed Insurability Rider
This rider would allow you to get the additional insurance coverage. You only need to make sure that it can be done in the stated time. You will also be excluded from doing a further medical examination. Typically, this type of rider is very worth it especially when you have gone through some changes in your life. These changes include your marriage or you recently have delivered a baby.
Accidental disability rider
This rider will provide financial protection for any kind of disability. This rider has to be picked as an actual requirement instead of random.
Waiver of Premium Rider
If you are insured, all future premiums will be waived if you are involved in these conditions.
- Permanently disabled due to an accident
- Loses their income due to an injury or fatal illness
If a breadwinner of a family is affected, the rider would exempt policyholders from paying the premium. This is due to the base policy and it applies until the policyholders are really fit to work again.
Child Term Rider
If a child dies before a specified age, this rider will provide a death benefit. The term plan will be able to be converted into permanent insurance after the child is matured. The benefits include up to five times of coverage from the original amount.
How to Buy a Rider?
Normally, a rider is sold when you are buying an insurance policy. For instance, if you are going to buy a policy, you have the option to choose a rider from the designated list. The riders can only be bought during the time you are purchasing a base insurance plan and cannot be added on afterwards.
It all depends on you as an insurer. You can always re-think your decision and make sure that it is worth it.